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Posted by Jake on February 28, 2007 at 09:02:44:
In Reply to: Re: Note and Deed of Trust posted by Steele in Minnesota on February 27, 2007 at 17:13:52:
Is a lender legally required to provide the lendee, with monthly statements on what is happening to their account? How payments are applied or if applied and how the lender is calculating the interest.
We've never gotten anything from the investor that has the note on our house.
When we went to the CPA to do our taxes, he's jumping and down and saying we got to have those monthly statements and a year-end statement of the total amount of interest.
So I call the guy and ask him real nice for those docs and he says I should be keep track of what I'm doing. I say well our CPA is saying he has to have it from you or he can't do our taxes properly. The guy says he don't have to do nothing and hangs up.
Our CPA tells us to be real concerned because these are the kind of characters that do bogus foreclosures and the victims ain't got no proof.
So I'm looking for what law, code, regulation, or whatever, that says, hey you, lender, you got to give the borrower a monthly statement of what is going on with their account.
Do you know what that is and where I can find it.
